Credit, Collections & Insolvency News
Citizens Advice fears the government’s bold action to protect workers during the coronavirus pandemic could be undermined by confusion and patchy use of the job retention scheme by some employers. The research from Citizens Advice shows around 6 million people in the UK (18% of the total workforce) have already seen their hours cut, been…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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Families living in private rented accommodation are more exposed to the current economic shock than homeowners, and could face big rent shortfalls if they lose their jobs despite welcome government support, according to the Resolution Foundation’s latest Housing Outlook. The Housing Outlook examines the impact of the current economic shock on families across different housing…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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Which? is calling on the financial regulator to urgently provide greater clarity on temporary measures to help people struggling financially because of coronavirus, as new research reveals the huge toll the outbreak is expected to take on people’s finances. A survey by the consumer champion carried out between 20-22 March, just before the government asked…
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One of the UK’s free debt advice providers, PayPlan, has said it expects to see a huge surge in demand for debt advice when the current temporary relief being offered by lenders comes to an end. The FCA called for interest and charges to be frozen on all loans and credit cards to help consumers…
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The Institute for Fiscal Studies (IFS) has warned against rising poverty as a report suggests the young and low-paid will be worst affected by business shutdowns during the coronavirus crisis.The study noted that employees aged under 25 were about two and a half times as likely to work in a sector in effective lockdown because…
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The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…
Read moreThe Money Advice Trust, the charity that runs National Debtline and Business Debtline, has called on the Financial Conduct Authority (FCA) to ‘close the gaps’ in its package of support for consumer credit customers affected by the Covid-19 outbreak. The charity has welcomed the FCA’s proposals on credit cards, loans and overdrafts – but is…
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The TUC has today called for an ’emergency’ boost to Universal Credit to help people get through the coronavirus outbreak. The union body says that without an urgent increase unemployment support will be lower in real terms during the coronavirus outbreak than during the mass unemployment peaks of the 1980s and 1990s.A new report published…
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Consumers are struggling to open up about their finances according to research from TopCashback.co.uk; finding a third (33 per cent) still find it awkward or difficult to talk about money. More than two-thirds (68 per cent) believe that as a nation, we are not open to talking about our finances without fear or embarrassment. Shame…
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A group of nearly 80 academics, policy experts and leaders of charities, trade unions and community groups have written to Chancellor of the Exchequer, Rishi Sunak, calling on him to provide an urgent, interest-free freeze on personal debt payments for people affected by Covid-19. The letter also calls for a write-off of existing council tax and social…
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The Financial Conduct Authority (FCA) has proposed a range of targeted temporary measures designed as a stop-gap to quickly support users of certain consumer credit products who are facing a financial impact because of the exceptional circumstances arising from coronavirus. The package is intended to complement measures already announced by the government to support mortgage…
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